Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2.00 lakh on The Tadpatri Cooperative Town Bank Ltd., Anantapur District, Andhra Pradesh, by order dated March 01, 2022. RBI said the bank had violated directions relating to prohibition of loans and advances to directors and their relatives and connected firms/concerns, as well as Income Recognition, Asset Classification, Provisioning and other related matters for urban co-operative banks. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after a notice, reply, and personal hearing confirmed the non-compliance.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Anantapur District, Andhra Pradesh